Asia Pacific Region Grasps the Largest Market Share for the Global Smart Electric Meters Market Developing at 4.45% CAGR During the Forecasting Years 2019-2027
“According to the new market research report published by Inkwood Research, the Global smart electric meter market is propelling at a CAGR of 4.45% during the forecasting years.”
“Browse 16 market Data Tables and 32 Figures spread over 116 Pages, along with an in-depth TOC on global smart electric meter market forecast 2019-2027.”
An innovative electricity meter, the smart meter digitally records and directs the energy readings captured by the meter to the respective supplier for more accuracy in the consumer’s energy bills. They have home displays for a better understanding of energy usage. The measurement of energy flows and the subsequent exchange information on energy consumption while maintaining the status of energy networks between utility companies and consumers is the most fundamental pillar of intelligent energy networks. The most common type of electricity meters is the electromechanical meter, whose advantage lies in the consistency of the measurement by calculating the revolutions of an electrically conductive metal disc.
Increasing market growth for smart grids will be crucial for the smart electric meters market progress
The smart electricity meter is fundamental to the deployment of the smart grid system, where the latter is expected to enhance the efficiency of energy management and can provide bi-directional communication with data collection points. For the increased adoption of smart grids in Europe, EU has entered into an agreement called ‘Third Energy Package’ which focusses on the replacement of traditional meters with smart electric meters. Thus, the smart electric meter market is going to influence the growth of the global smart grid market.
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Advanced metering infrastructure (AMI): The rapidly advancing segment in the market
The fastest growing segment with respect to that of technology belongs to the AMI tools. Advanced metering infrastructure or AMI is an integrated system of smart meters that are automated and captures data several times a day and can provide more details and information like the peak consumption, real-time consumption and the respective times. This permits the customer for better management and improvised electrical operations. This technology also allows saving on the expensive repair expenditure by quickly finding leakage points within the electrical distribution system or at the customer-end, as the problem poses a major difficulty to the electrical distribution companies.
Asia Pacific holds potential opportunities for the global smart electric meters market
The China market accounts for a significant market share of the global smart electric meter market, which is the main reason for the Asia Pacific to grab the largest chunk of market share. India is an untapped market, but being a hugely populated area, the market holds several opportunities for development and growth with rising electric consumption. It has been predicted that India’s future growth will be the influential for the Asia Pacific turning out to be region with maximum growth rate. Also, large-scale rollouts of the smart electric meter to the residential customers have recently begun in Japan and South Korea, while China captures the largest share due to its mandatory government policies. On top of that Australia and New Zealand has seen massive smart meter installations at the end of the last decade.
Notable players in the global smart electric meters market
Genus Power Infrastructure, ABB Ltd., Itron, Aclara, Networked Energy Services, Wasion Group, Honeywell (Elster), Siemens AG, Iskraemeco, Schneider Electric, Holley Tech UK, Jiangsu Linyang, Microchip Technology, Landis+Gyr (Toshiba Corporation).
About Inkwood Research
Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy; with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.